Wealthquest Corp Takes $18.58 Million Position in South Bow Corporation (NYSE:SOBO)

Wealthquest Corp purchased a new stake in South Bow Corporation (NYSE:SOBO - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 728,070 shares of the company's stock, valued at approximately $18,580,000. South Bow accounts for 1.8% of Wealthquest Corp's investment portfolio, making the stock its 10th largest position. Wealthquest Corp owned 0.35% of South Bow at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Wiser Advisor Group LLC purchased a new position in South Bow during the fourth quarter valued at approximately $27,000. Louisbourg Investments Inc. purchased a new position in shares of South Bow in the 1st quarter valued at $31,000. BNP Paribas Financial Markets bought a new position in shares of South Bow in the 4th quarter worth $29,000. Assetmark Inc. purchased a new stake in shares of South Bow during the 4th quarter worth $33,000. Finally, Sit Investment Associates Inc. bought a new stake in South Bow during the fourth quarter valued at about $34,000.

Analysts Set New Price Targets

SOBO has been the subject of a number of recent research reports. CIBC downgraded shares of South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 target price for the company. in a report on Friday, March 7th. National Bankshares boosted their price objective on shares of South Bow from $24.00 to $25.00 and gave the stock a "sector perform" rating in a research note on Friday, March 7th. Scotiabank increased their target price on shares of South Bow from $26.00 to $27.00 and gave the company a "sector perform" rating in a research report on Friday, March 7th. Royal Bank Of Canada restated an "outperform" rating and issued a $38.00 target price on shares of South Bow in a research note on Monday, May 19th. Finally, JPMorgan Chase & Co. initiated coverage on South Bow in a research report on Friday, March 28th. They set a "neutral" rating and a $28.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $28.60.

South Bow Stock Performance

NYSE:SOBO traded up $0.13 during trading hours on Thursday, hitting $25.87. 1,417,756 shares of the company were exchanged, compared to its average volume of 874,448. The company's 50 day moving average price is $25.78 and its 200-day moving average price is $25.00. The stock has a market capitalization of $5.39 billion and a price-to-earnings ratio of 13.98. South Bow Corporation has a 52-week low of $21.16 and a 52-week high of $27.60. The company has a debt-to-equity ratio of 2.20, a current ratio of 1.29 and a quick ratio of 1.20.

South Bow (NYSE:SOBO - Get Free Report) last announced its quarterly earnings data on Thursday, May 15th. The company reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.05. The company had revenue of $498.00 million for the quarter, compared to analysts' expectations of $527.00 million. South Bow's revenue was down 8.5% compared to the same quarter last year. As a group, research analysts forecast that South Bow Corporation will post 1.74 earnings per share for the current year.

South Bow Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.73%. The ex-dividend date of this dividend is Monday, June 30th. South Bow's dividend payout ratio is presently 108.11%.

South Bow Company Profile

South Bow Corp is a strategic liquids pipeline company. It is a new liquids-focused midstream infrastructure company. South Bow Corp is based in Canada.